Teeple Hall, LLP assist international clients in reporting their offshore accounts to the Internal Revenue Serivce (IRS). Recently, many of our clients were made aware of Foreign Bank Account reporting requirements when they received a FATCA Letter from their banking institutions, asking them to confirm their U.S. status by providing either a W-9 or W-8 BEN.
Who is Required to Report?
– Expats who have relocated overseas not knowing they have to report their foreign accounts.
– U.S. Citizens who reside overseas that may or may not earn a significant income, but do have accounts in a foreign country.
–Permanent Legal Residents of the U.S. who relocated back to a foreign country unaware that they are still required to report their foreign accounts.
– Non Legal Residents who have met the substantial presence test and are required to report foreign bank and other accounts to the United States government.
Being Compliant to these rules will always in the long run save you time and money, but if you were unaware of these reporting requirements something can still be done.
Here are 3 main methods of compliance:
1. Streamlined Compliance
3. Reasonable Cause Statement
Contact us for more information on how we can help you with any of the programs listed above.